Considering the bullish sentiment on the GBP index and the bearish sentiment on the USD sentiment serving as additional confluence to the current oversold situation on GBP/USD, I will consider going long for at least till Thursday.
Gold was bullish last week overall, despite a few strong bears towards the climax of the week
Gold is more likely to be bullish from what I see but I won't be making any comfortable trade decisions till I see price reaction above or below levels X or Y
Wave 4 couldn't break 0.5 Fibonacci retracement which was also the trend line down which is also just below the SMMA 25 close - these are all signals that the completive 5th wave down is soon to come, we are likely to see a test of the 0.618 fib which managed to hold 3 wave but many not be so supportive now.
If we see 0.618 hold the ABC corrective may start...
GbpUsd already clearly seen reversing on the sell zone(Resistance) for a short sell downwards to supports(Buy Zone) Then a buy high up. Please if you love my ideas support me with a LIKE, FOLLOW and also share your ideas on this particular pair too. Also always apply proper risk managements thanks!
*Yellow = 200 EMA | Blue = 100 EMA
This photo captures the recent movement of OANDA:GBPUSD on the daily chart. In this movement, we see varying price action, but the most important of which is the upcoming support around 1.199 which is an all-time low . This means that the support is outlined on every major time frame including the monthly, weekly, and...
